The Monetary Authority of Singapore (MAS) has imposed fines totaling $2.83 million on Citibank, DBS, OCBC, and Swiss Life for breaching anti-money laundering and countering terrorism financing requirements. The penalties resulted from inadequate controls discovered during MAS' investigation into the Wirecard fraud scandal.
"Although the breaches were serious, MAS did not find wilful misconduct by any staff of these FIs (financial institutions)," MAS said in a statement.
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